The global market for healthcare inventory management systems is estimated to have a significant CAGR during the forecast period. The growing application of inventory management systems in healthcare providers that include monitor expiration dates of critical inventory, reduce total on-hand inventory, tracking supplies, and improve the proper billing of lab consumables and supplies. These systems offer several advantages in healthcare inventory including supply hoarding and inventory shrink, correctness of control capture for equipment and supplies and prevents stock-outs. The market for the healthcare inventory management systems is mainly driven due to the increasing number of hospitals across the globe coupled with growing adoption inventory management solutions by hospitals to enhance operational efficiency and profitability. Moreover, the integration of IoT and AI in healthcare systems further projected to provide significant opportunity to the market.

 Segmental Outlook  

The global market for healthcare inventory management systems is classified on the basis of product type and end-user. Based on the product type, the market is further classified into hardware and software & services. The software & services segment are projected to have considerable share in the global market. The integration of automated inventory management solutions has boosted the demand for software across various end-users. Since software deals with a colossal set of data, this enhances the ability of the systems to handle a large set of inventory information. Further, it also assists healthcare providers to make better decisions for clinical purposes. Based on the end-user, the global healthcare inventory management systems market is further segmented into hospitals and clinics.

 Global healthcare inventory management systems Market Share by End-User, 2018(%)

Global healthcare inventory management systems market to be driven by hospitals end-user

The hospitals segment held a considerable share in the market owing to the growing application of inventory management systems in various hospitals across the globe. Moreover, various companies are providing inventory management solutions suitable for hospitals that further fueling the market growth. For instance, Abbott Laboratories provides AlinIQ inventory management system that supports to uncover intelligent insights from laboratory data and discover greater operational productivity with existing resources. AlinIQ allows managing inventory from different locations; suitable for hospital laboratories. Medical billing and coding are regarded as integral parts of the hospitals. Managing order billing is one of the most time-consuming tasks for hospital workforce thus creating significant demand of inventory management in hospitals.   

Regional Outlook 

Geographically, the global healthcare inventory management systems market is further classified into North America, Europe, Asia-Pacific and the Rest of the World. Asia-Pacific is estimated to have considerable market growth in the global market during the forecast period. The market growth in the region is increasing healthcare infrastructure in in emerging economies. The major countries which will have a significant market share during the forecast period are India, China, and Japan. Apart from these nations, South Korea and Singapore are some of the other major economies that contribute in the growth of the market. 

Global healthcare inventory management systems Market Growth, by Region 2019-2025

North America to hold a considerable share in the global healthcare inventory management systems market

Geographically, North America is projected to hold a significant market share in the global healthcare inventory management systems market owing to developed healthcare IT infrastructure coupled with the high number of hospitals using advance IT solutions in its supply chain management. Major economies which are anticipated to contribute to the North America healthcare inventory management systems market are the US and Canada. According to the Florida Department of Health, there are nearly 42,000 facilities in Florida including hospitals, clinics, laboratories, nursing homes, physicians, dentists, pharmacies, funeral homes, and veterinarians in 2018. Therefore, these healthcare facilities further increase the scope for application of inventory management systems for better operational efficiency and profitability. 

Market Players Outlook

The key players in the healthcare inventory management systems market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include Abbott Laboratories, Cardinal Health, Inc., General Electric Co., Global Healthcare Exchange, LLC, Honeywell International Inc., Logi-Tag Systems, SATO Vicinity Pty. Ltd., SKYTRON, LLC, and others. These market players adopt various strategies such as product launch, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. 

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global healthcare inventory management systems market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.